14 false false false false false false false false false true false false false false false false No description of principal activity 2022-10-01 Sage Accounts Production Advanced 2021 - FRS102_2021 10,000 10,000 xbrli:pure xbrli:shares iso4217:GBP 08687340 2022-10-01 2023-09-30 08687340 2023-09-30 08687340 2022-09-30 08687340 2021-10-01 2022-09-30 08687340 2022-09-30 08687340 core:FurnitureFittings 2022-10-01 2023-09-30 08687340 bus:Director1 2022-10-01 2023-09-30 08687340 core:NetGoodwill 2023-09-30 08687340 core:FurnitureFittings 2022-09-30 08687340 core:FurnitureFittings 2023-09-30 08687340 core:WithinOneYear 2023-09-30 08687340 core:WithinOneYear 2022-09-30 08687340 core:UKTax 2022-10-01 2023-09-30 08687340 core:UKTax 2021-10-01 2022-09-30 08687340 core:ShareCapital 2023-09-30 08687340 core:ShareCapital 2022-09-30 08687340 core:RetainedEarningsAccumulatedLosses 2023-09-30 08687340 core:RetainedEarningsAccumulatedLosses 2022-09-30 08687340 core:BetweenOneFiveYears 2022-09-30 08687340 core:FurnitureFittings 2022-09-30 08687340 bus:SmallEntities 2022-10-01 2023-09-30 08687340 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 08687340 bus:FullAccounts 2022-10-01 2023-09-30 08687340 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 08687340 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 08687340 core:NetGoodwill 2022-10-01 2023-09-30 08687340 core:OfficeEquipment 2022-10-01 2023-09-30 08687340 core:OfficeEquipment 2023-09-30 08687340 core:OfficeEquipment 2022-09-30
COMPANY REGISTRATION NUMBER: 08687340
Zing Furniture Limited
Filleted Unaudited Financial Statements
30 September 2023
Zing Furniture Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
Fixed Assets
Tangible assets
7
3,219
4,470
Current Assets
Stocks
92,500
98,500
Debtors
8
16,923
17,470
Cash at bank and in hand
259,120
239,255
-----------
-----------
368,543
355,225
Creditors: amounts falling due within one year
9
48,904
61,766
-----------
-----------
Net Current Assets
319,639
293,459
-----------
-----------
Total Assets Less Current Liabilities
322,858
297,929
Provisions
Taxation including deferred tax
804
849
-----------
-----------
Net Assets
322,054
297,080
-----------
-----------
Zing Furniture Limited
Statement of Financial Position (continued)
30 September 2023
2023
2022
Note
£
£
Capital and Reserves
Called up share capital
100
100
Profit and loss account
321,954
296,980
-----------
-----------
Shareholders Funds
322,054
297,080
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 7 February 2024 , and are signed on behalf of the board by:
Miss P D Gill
Director
Company registration number: 08687340
Zing Furniture Limited
Notes to the Financial Statements
Year Ended 30 September 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 22 Eldon Business Park, Eldon Road, Attenborough, Beeston, Nottingham, NG9 6DZ.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
The turnover shown in the profit and loss account represents sales during the year,exclusive of Value Added Tax.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating Leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and Fittings
-
25% reducing balance
Equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial Instruments
Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Debtors and creditors receivable / payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit or loss account.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 15 ).
5. Tax on Profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
14,253
10,480
Deferred tax:
Origination and reversal of timing differences
( 45)
( 300)
---------
---------
Tax on profit
14,208
10,180
---------
---------
6. Intangible Assets
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
10,000
---------
Amortisation
At 1 October 2022 and 30 September 2023
10,000
---------
Carrying amount
At 30 September 2023
---------
At 30 September 2022
---------
7. Tangible Assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 October 2022 and 30 September 2023
35,979
7,445
43,424
---------
--------
---------
Depreciation
At 1 October 2022
32,081
6,873
38,954
Charge for the year
975
276
1,251
---------
--------
---------
At 30 September 2023
33,056
7,149
40,205
---------
--------
---------
Carrying amount
At 30 September 2023
2,923
296
3,219
---------
--------
---------
At 30 September 2022
3,898
572
4,470
---------
--------
---------
8. Debtors
2023
2022
£
£
Trade debtors
93
93
Other debtors
16,830
17,377
---------
---------
16,923
17,470
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
13,827
36,650
Corporation tax
14,253
10,480
Social security and other taxes
14,075
11,194
Other creditors
6,749
3,442
---------
---------
48,904
61,766
---------
---------
10. Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
44,459
54,481
Later than 1 year and not later than 5 years
34,136
---------
---------
44,459
88,617
---------
---------